Earnings releases


Audited Results & Final Dividend Declaration for the year ended 31 December 2003


CASH FLOW STATEMENT


20032002
RmillionRestated
Earnings before interest and tax73674
Net financing costs(152)(134)
Non-cash items:
   Depreciation223209
   Adjustment for exchange rate translation loss80151
   Provisions1520
   Surplus on disposal of plant and equipment(2)
   Other non-cash items(92)(17)
Tax payments(42)(39)
Change in working capital(3)(303)
 
 
Cash flow from operating activities100561
Expenditure on property, plant and equipment:
- New(206)(167)
- Replacement(106)(56)
- Major plant overhaul costs capitalised(39)(39)
Growing crops21(12)
Proceeds on disposal of property,
  plant and equipment4336
Investments(19)(1)
Dividends paid(233)(292)
 
 
Net cash flow before financing activities(439)30
Borrowings raised/(repaid)553(226)
Hedges of foreign loans(161)159
Shares issued28
 
 
Net decrease in cash resources(45)(29)
Cash resources at beginning of year9381 125
Exchange rate translation loss(80)(151)
Foreign exchange adjustment(9)(11)
Gain on cash equivalent investment44
 
 
Cash resources at end of year808938